Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296832 
Year of Publication: 
2024
Series/Report no.: 
ADBI Working Paper No. 1440
Publisher: 
Asian Development Bank Institute (ADBI), Tokyo
Abstract: 
A growing literature examines the roles of financial literacy in an individual's income, saving behavior, and the use of financial products including financial technology (fintech). However, no study has examined the effects of the financial literacy of family business owners on fintech use and business outcomes in developing Asia, where family businesses play an important role in the economies. This study investigates these relationships in seven Association of Southeast Asian Nations (ASEAN) and ten Central Asia Regional Economic Cooperation (CAREC) countries. We measured the financial literacy of family business owners using the survey instrument for MSMEs developed by the Organisation for Economic Co-operation and Development and the International Network on Financial Education (OECD/INFE). The results show that self-employed and micro family business owners are less financially literate than owners of larger businesses. We find that a higher level of financial literacy has strong and positive effects on fintech use in family businesses and various business outcomes, including business continuity and changes in sales. These results hold when we use a set of instrumental variables.
Subjects: 
financial literacy
fintech
family business
Southeast Asia
Central Asia
Caucasus
JEL: 
G50
G51
G53
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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